SOURCE: Atalaya Mining PLC

July 13, 2017 04:00 ET

Atalaya Mining plc: AGM Statement

NICOSIA, CYPRUS--(Marketwired - Jul 13, 2017) - Atalaya Mining plc (AIM: ATYM) (TSX: AYM)

13 July 2017


Atalaya Mining plc
("Atalaya Mining" or the "Company")

AGM Statement

At Atalaya Mining's AGM to be held at 12.00pm (CEST) today at the Rio Tinto Mine, La Dehesa s/n, Minas de Riotinto, 21660 Huelva, Spain, Roger Davey, non-executive Chairman, will make the following statement:

"2016 was a transformational year for your Company.

After declaring commercial production at the Riotinto Copper Project ("Proyecto Riotinto") in February 2016, management progressively increased processing capacity, reaching the nameplate processing plant throughput rate of 9.5 Mtpa by December 2016.

Total capital costs were kept under control and came in below the revised budget of US$164 million to achieve this throughput. This confirmed Proyecto Riotinto as one of the lowest capital intensity projects in the world, at this time.

In September 2016, the Company filed an updated Mineral Reserves and Resources estimate for Proyecto Riotinto, which indicated a 12% increase in contained reserves and extended the life of mine to 16.5 years.

To date, copper grades, recoveries and operating cash costs are well within the forecast values and the estimated copper production guidance for 2017 remains between 34,000 and 40,000 tonnes. Mining operations continue to run according to plan, along with ongoing rehabilitation works.

Near-mine exploration drilling is underway. The programme is designed to confirm the lateral extension of Filon Sur as well as the northern extension of the Atalaya pit. A total of 7,200 metres have already been drilled at Filon Sur and at the Atalaya pit. An in-fill drilling campaign of 4,400 metres at Cerro Colorado is also under way targeting inferred resources with the objective of increasing confidence levels and potential reclassification to the indicated category.

To view the full announcement, please click on the full link.

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